An Appraisal of the Relationship between Road Improvements and Immediate Neighbourhood Residential Properties Values in Metropolitan Lagos

This study is aimed at analysing the relationship between road improvement and neighborhood properties values in selected parts of Lagos. The purpose is to determine the contribution of roads improvement to neighborhood properties rental/capital values. Structured questionnaires were administered on some purposely selected 200 landlords and tenants living in residential buildings in the neighborhood of the roads under study and out of the selected 200 landlords and tenants, 153 respondents duly completed and returned their questionnaires, all of which were found useful for the study. The data collected were analyzed using descriptive and analytical statistics. The study reveals that there existed one form of road improvements or another in the study areas in the past five years. Road improvements were identified as a factor contributing to increase in rental/capital values. Accessibility was recognised as a factor that determines what people want to pay for a particular location. Majority of the respondents were found to be ready to pay higher rent as a result of road improvements. The study also shows that there was a significant relationship between road improvements and neighborhood properties values in the study areas. The study recommends that the three tiers of governments should take the the issues of construction, maintenance and rehabilitation of roads as a matter of priority because these processes enhance property values and indirectly increase revenue accruable from property as tax to government coffers